Waystar Holding Corp. (WAY) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WAY SEC filings page.
Waystar Holding Corp. (WAY) reported $1.2B in revenue over the twelve months to Jun 30, 2026, up 19.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Waystar’s 2025 results show a business converting growth into cash while balance-sheet investment and leverage still shape operations.
The key shift is earnings quality: FY2025 operating cash flow of$310M exceeded net income of$112M , while free cash flow reached$283M , showing that reported profitability translated into cash after investment. That conversion was much weaker in FY2023, when free cash flow was only$29.9M against operating cash flow of$51.5M , indicating a meaningful change in cash retention rather than merely higher earnings.
Operating leverage explains the 2025 margin step-up more than a change in what the company sells: gross margin stayed around
The balance sheet is less debt-heavy relative to equity, with debt-to-equity falling from 1.1x in FY2023 to 0.4x in FY2025, but its short-term cushion narrowed as the current ratio declined from 1.8x to 1.4x. The capital-allocation mix also changed: the FY2025 investing outflow of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Waystar Holding Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Waystar Holding Corp. has an operating margin of 22.7%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 81/100, reflecting efficient cost management and pricing power. This is up from 13.1% the prior year.
Waystar Holding Corp.'s revenue surged 16.5% year-over-year to $1.1B, reflecting rapid business expansion. This strong growth earns a score of 80/100.
Waystar Holding Corp. has elevated debt relative to equity (D/E of 0.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 18/100, reflecting increased financial risk.
Waystar Holding Corp.'s current ratio of 1.41 indicates adequate short-term liquidity, earning a score of 38/100. The company can meet its near-term obligations, though with limited headroom.
Waystar Holding Corp. converts 25.8% of revenue into free cash flow ($283.2M). This strong cash generation earns a score of 84/100.
Waystar Holding Corp.'s ROE of 2.9% shows moderate profitability relative to equity, earning a score of 55/100. This is up from -0.6% the prior year.
Waystar Holding Corp. scores 1.82, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($4.8B) relative to total liabilities ($1.9B). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Waystar Holding Corp. passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Waystar Holding Corp. generates $2.76 in operating cash flow ($309.7M OCF vs $112.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Waystar Holding Corp. generated $319.7M in revenue in Q2 2026. This represents an increase of 18.1% from the same quarter a year earlier. Against the prior quarter it is up 1.8%.
Waystar Holding Corp.'s EBITDA was $117.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 19.6% from the same quarter a year earlier. Against the prior quarter it is down 3.6%.
Waystar Holding Corp. reported $40.9M in net income in Q2 2026. This represents an increase of 27.0% from the same quarter a year earlier. Against the prior quarter it is down 5.6%.
Waystar Holding Corp. earned $0.21 per diluted share (EPS) in Q2 2026. This represents an increase of 16.7% from the same quarter a year earlier. Against the prior quarter it is down 4.5%.
Cash & Balance Sheet
Waystar Holding Corp. generated $43.3M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 52.4% from the same quarter a year earlier. Against the prior quarter it is down 37.8%.
Waystar Holding Corp. held $12.6M in cash against $1.5B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Waystar Holding Corp.'s gross margin was 69.4% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.
Waystar Holding Corp.'s operating margin was 23.8% in Q2 2026, reflecting core business profitability. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.9 percentage points.
Waystar Holding Corp.'s net profit margin was 12.8% in Q2 2026, showing the share of revenue converted to profit. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.
Waystar Holding Corp.'s ROE was 1.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.
Capital Allocation
Waystar Holding Corp. invested $17.7M in research and development in Q2 2026. This represents an increase of 40.4% from the same quarter a year earlier. Against the prior quarter it is down 3.5%.
Waystar Holding Corp. invested $16.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 179.4% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.
Not reported for Q2 2026.
WAY Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $319.7M+18.1% | $313.9M+22.4% | $303.5M+24.3% | $268.7M+11.9% | $270.7M+15.4% | $256.4M+14.1% | $244.1M | $240.1M+21.7% |
| Cost of Revenue | $97.7M+12.2% | $97.0M+16.4% | $92.6M+16.5% | $85.1M+5.7% | $87.0M+8.2% | $83.3M+10.8% | $79.5M | $80.5M+28.0% |
| Gross Profit | $222.0M+20.9% | $216.8M+25.3% | $210.9M+28.2% | $183.5M+15.0% | $183.6M+19.2% | $173.1M+15.7% | $164.6M | $159.6M+18.8% |
| R&D Expenses | $17.7M+40.4% | $18.4M+65.8% | $18.5M+61.4% | $12.4M+11.9% | $12.6M-20.6% | $11.1M+7.3% | $11.5M | $11.1M+23.5% |
| SG&A Expenses | $36.4M+24.6% | $30.7M+31.9% | $43.7M+90.4% | $32.4M+42.8% | $29.2M-26.9% | $23.3M-10.8% | $23.0M | $22.7M+30.7% |
| Operating Income | $76.0M+17.3% | $80.5M+23.4% | $59.0M+11.1% | $60.2M+121.9% | $64.8M+686.5% | $65.2M+85.3% | $53.1M | $27.1M-15.7% |
| EBITDA | $117.5M+19.6% | $121.9M+23.7% | $99.5M+9.1% | $93.5M+7.1% | $98.3M+87.1% | $98.6M+24.2% | $91.1M | $87.3M+15.1% |
| Interest Expense | $19.6M+7.6% | $20.6M+9.2% | N/A | $17.5M-5.1% | $18.3M-63.9% | $18.9M | N/A | $18.5M |
| Income Tax | $15.5M+7.8% | $16.5M-3.0% | $16.2M+15.6% | $12.1M+268.6% | $14.4M+198.6% | $17.0M+381.1% | $14.0M | $3.3M+169.5% |
| Net Income | $40.9M+27.0% | $43.3M+47.9% | $20.0M+4.7% | $30.6M+466.2% | $32.2M+216.3% | $29.3M+283.7% | $19.1M | $5.4M+135.0% |
| EPS (Basic) | $0.21+10.5% | $0.23+35.3% | $0.10-28.6% | $0.18+500.0% | $0.19+190.5% | $0.17+230.8% | $0.14+216.7% | $0.03+123.1% |
| EPS (Diluted) | $0.21+16.7% | $0.22+37.5% | $0.10-28.6% | $0.17+466.7% | $0.18+185.7% | $0.16+223.1% | $0.14+216.7% | $0.03 |
| Diluted Shares (Avg) | 195M+7.1% | 195M+8.0% | N/A | 181M+2.9% | 182M+36.0% | 181M+48.5% | N/A | 176M |
WAY Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.9B+25.5% | $5.8B+26.4% | $5.8B+26.4% | $4.7B+4.5% | $4.7B+2.4% | $4.6B | $4.6B-0.1% | $4.5B |
| Current Assets | $439.0M-16.3% | $386.6M-12.2% | $308.4M-16.9% | $613.6M+100.9% | $524.5M+93.7% | $440.6M | $371.0M+67.1% | $305.4M |
| Cash & Equivalents | $12.6M-95.6% | $34.3M-84.7% | $61.4M-66.3% | $421.1M+231.2% | $290.3M+324.6% | $224.0M+290.7% | $182.1M+411.9% | $127.1M+186.0% |
| Short-Term Investments | $179.0M+254.4% | $124.6M+410.2% | $24.9M | $0 | $50.5M | $24.4M | $0 | $0 |
| Accounts Receivable | $185.9M+29.5% | $172.5M+17.2% | $177.0M+21.9% | $145.7M+5.6% | $143.5M-3.0% | $147.3M | $145.2M+15.2% | $137.9M |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $4.0B+32.9% | $4.0B+32.9% | $4.0B+33.0% | $3.0B0.0% | $3.0B-0.3% | $3.0B | $3.0B-0.3% | $3.0B |
| Total Liabilities | $1.9B+25.1% | $1.9B+27.3% | $1.9B+27.3% | $1.5B+2.4% | $1.5B-7.2% | $1.5B | $1.5B-40.9% | $1.5B |
| Current Liabilities | $237.7M+55.5% | $220.0M+55.7% | $218.1M+49.7% | $157.7M+18.4% | $152.8M+21.4% | $141.3M | $145.6M+17.9% | $133.1M |
| Non-Current Liabilities | $1.6B+21.7% | $1.7B+24.4% | $1.7B+24.9% | $1.4B+0.8% | $1.4B-9.6% | $1.4B | $1.4B-43.9% | $1.4B |
| Long-Term Debt | $1.5B+19.5% | $1.5B+19.5% | $1.5B+19.5% | $1.2B-0.6% | $1.2B-8.9% | $1.2B | $1.2B-44.5% | $1.2B |
| Total Equity | $4.0B+25.6% | $3.9B+26.0% | $3.9B+25.9% | $3.2B+5.6% | $3.2B+7.7% | $3.1B+53.6% | $3.1B+50.2% | $3.1B+47.2% |
| Retained Earnings | -$24.7M+84.5% | -$65.5M+65.8% | -$108.8M+50.7% | -$128.8M+46.3% | -$159.4M+35.0% | -$191.6M | -$220.9M-9.5% | -$240.0M |
Not reported in any period shown, so not listed: Inventory.
WAY Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $59.4M-38.6% | $84.9M+32.2% | $66.6M+2.9% | $82.0M+4.1% | $96.8M+526.3% | $64.2M+498.8% | $64.8M+465.4% | $78.8M+854.5% |
| Depreciation & Amortization | $41.5M+24.1% | $41.5M+24.2% | $40.4M+6.4% | $33.3M-44.7% | $33.4M-24.5% | $33.4M-24.4% | $38.0M-15.0% | $60.2M+37.8% |
| Stock-Based Compensation | $13.8M+19.7% | $11.4M+69.7% | N/A | $11.6M+46.7% | $11.5M-68.8% | $6.7M+166.8% | N/A | $7.9M+258.1% |
| Capital Expenditures | $16.1M+179.4% | $15.3M+182.5% | $9.4M+51.2% | $5.9M-31.8% | $5.8M-16.0% | $5.4M-2.4% | $6.2M+7.5% | $8.6M+38.0% |
| Free Cash Flow | $43.3M-52.4% | $69.6M+18.3% | $57.2M-2.3% | $76.2M+8.5% | $91.0M+960.3% | $58.8M+1037.8% | $58.5M+933.5% | $70.2M+520.6% |
| Investing Cash Flow | -$69.6M-118.4% | -$112.5M-276.7% | -$663.8M-10565.6% | $44.6M+618.2% | -$31.9M-363.9% | -$29.9M-437.0% | -$6.2M+60.5% | -$8.6M+76.2% |
| Financing Cash Flow | -$7.1M-125.6% | $13.5M+25.3% | $228.6M+13437.3% | $7.2M+214.2% | -$3.1M-394.8% | $10.7M-46.8% | $1.7M+154.2% | -$6.3M-17.4% |
| Share Buybacks | N/A | N/A | $0 | $0 | N/A | N/A | $0 | $0-100.0% |
Not reported in any period shown, so not listed: Dividends Paid.
WAY Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 69.4%+1.6pp | 69.1%+1.6pp | 69.5%+2.1pp | 68.3%+1.9pp | 67.8%+2.1pp | 67.5%+1.0pp | 67.4% | 66.5%-1.6pp |
| Operating Margin | 23.8%-0.2pp | 25.6%+0.2pp | 19.4%-2.3pp | 22.4%+11.1pp | 24.0%+20.4pp | 25.4%+9.8pp | 21.8% | 11.3%-5.0pp |
| Net Margin | 12.8%+0.9pp | 13.8%+2.4pp | 6.6%-1.2pp | 11.4%+9.2pp | 11.9%+23.7pp | 11.4%+18.5pp | 7.8% | 2.3%+10.1pp |
| Return on Equity | 1.0%0.0pp | 1.1%+0.2pp | 0.5%-0.1pp | 0.9%+0.8pp | 1.0%+1.9pp | 0.9%+1.7pp | 0.6% | 0.2%+0.9pp |
| Return on Assets | 0.7%0.0pp | 0.7%+0.1pp | 0.4%-0.1pp | 0.7%+0.5pp | 0.7%+1.3pp | 0.6% | 0.4% | 0.1% |
| Current Ratio | 1.85-1.6x | 1.76-1.4x | 1.41-1.1x | 3.89+1.6x | 3.43+1.3x | 3.12 | 2.55+0.7x | 2.29 |
| Debt-to-Equity | 0.360.0x | 0.370.0x | 0.380.0x | 0.380.0x | 0.38-0.1x | 0.39 | 0.40-0.7x | 0.40 |
| Asset Turnover | 0.050.0x | 0.050.0x | 0.050.0x | 0.060.0x | 0.060.0x | 0.06 | 0.05 | 0.05 |
| FCF Margin | 13.5%-20.1pp | 22.2%-0.8pp | 18.9%-5.1pp | 28.3%-0.9pp | 33.6%+30.0pp | 22.9%+20.6pp | 24.0% | 29.2%+37.7pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Waystar Holding Corp. WAY | FY2025 | $1.1B | $112.1M | 10.2% | $4.8B | 59/100 |
| HealthEquity, Inc HQY | FY2026 | $1.3B | $215.2M | 16.4% | $7.4B | 68/100 |
| BrightSpring Health Services, Inc. BTSG | FY2025 | $12.9B | $189.1M | 1.5% | $11.9B | 44/100 |
| Privia Health Group, Inc. PRVA | FY2025 | $2.1B | $22.9M | 1.1% | $2.6B | 47/100 |
| Doximity, Inc. DOCS | FY2026 | $644.9M | $196.1M | 30.4% | $5.0B | 88/100 |
Where Waystar Holding Corp. Ranks
Frequently Asked Questions
What is Waystar Holding Corp.'s annual revenue?
Waystar Holding Corp. (WAY) reported $1.1B in total revenue for fiscal year 2025. This represents a 16.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Waystar Holding Corp.'s revenue growing?
Waystar Holding Corp. (WAY) revenue grew by 16.5% year-over-year, from $943.5M to $1.1B in fiscal year 2025.
Is Waystar Holding Corp. profitable?
Yes, Waystar Holding Corp. (WAY) reported a net income of $112.1M in fiscal year 2025, with a net profit margin of 10.2%.
What is Waystar Holding Corp.'s EBITDA?
Waystar Holding Corp. (WAY) had EBITDA of $389.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Waystar Holding Corp. have?
As of fiscal year 2025, Waystar Holding Corp. (WAY) had $61.4M in cash and equivalents against $1.5B in long-term debt.
What is Waystar Holding Corp.'s gross margin?
Waystar Holding Corp. (WAY) had a gross margin of 68.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Waystar Holding Corp.'s operating margin?
Waystar Holding Corp. (WAY) had an operating margin of 22.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Waystar Holding Corp.'s net profit margin?
Waystar Holding Corp. (WAY) had a net profit margin of 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Waystar Holding Corp.'s return on equity (ROE)?
Waystar Holding Corp. (WAY) has a return on equity of 2.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Waystar Holding Corp.'s free cash flow?
Waystar Holding Corp. (WAY) generated $283.2M in free cash flow during fiscal year 2025. This represents a 98.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Waystar Holding Corp.'s operating cash flow?
Waystar Holding Corp. (WAY) generated $309.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Waystar Holding Corp.'s total assets?
Waystar Holding Corp. (WAY) had $5.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Waystar Holding Corp.'s capital expenditures?
Waystar Holding Corp. (WAY) invested $26.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Waystar Holding Corp. spend on research and development?
Waystar Holding Corp. (WAY) invested $54.6M in research and development during fiscal year 2025.
What is Waystar Holding Corp.'s current ratio?
Waystar Holding Corp. (WAY) had a current ratio of 1.41 as of fiscal year 2025, which is considered adequate.
What is Waystar Holding Corp.'s debt-to-equity ratio?
Waystar Holding Corp. (WAY) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Waystar Holding Corp.'s return on assets (ROA)?
Waystar Holding Corp. (WAY) had a return on assets of 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Waystar Holding Corp.'s P/E ratio?
Waystar Holding Corp. (WAY) trades at 35.3x earnings, its market capitalization divided by net income of $134.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $4.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Waystar Holding Corp.'s price-to-sales ratio?
Waystar Holding Corp. (WAY) trades at 3.9x sales, its market capitalization divided by revenue of $1.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $4.8B as of Oct 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Waystar Holding Corp.'s Altman Z-Score?
Waystar Holding Corp. (WAY) has an Altman Z-Score of 1.82, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Waystar Holding Corp.'s Piotroski F-Score?
Waystar Holding Corp. (WAY) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Waystar Holding Corp.'s earnings high quality?
Waystar Holding Corp. (WAY) has an earnings quality ratio of 2.76x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Waystar Holding Corp.?
Waystar Holding Corp. (WAY) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.